Cardano (ADA) Price Action Reflects 2020 Rally, Can ADA Hit $6?

The crypto market is gradually gaining momentum for a Q4 rally as Bitcoin entered the $70000 region. Amid the renewed bullish sentiment, the Cardano price shows the potential for a massive surge as it mirrors the formation of a 2020 rally.

Cardano price analysis for the past few months reveals a consolidation phase after a strong correction from the $0.034 price level. This consolidation on the weekly chart showcases a local bottom formation around 30% higher than the previous low of $0.024.

Zooming in on ADA’s present trajectory, we can observe striking similarities to the price formation in 2020, which led to a rally to $3.1 All-time-high. This historical data suggests that the Cardano price prediction drives a significant accumulation phase for buyers to join and for a stable bottom.

Cardano Price Action Mirrors 2020 Rally, Can ADA Hit $6?

The crypto market today shows the ADA price is forming to the second before kicking off its actual rally. A crypto-friendly candidate in the upcoming U.S. election could further fuel the potential rally.

If history repeats, the Cardano price could surge by over 1600% to hit the psychological level of $6.

Whale Accumulation Hints at Potential ADA Price Reversal

Largeholders are preparing for ADA coin reversal with major accumulation trends, as shown by supply distribution data from Santiment. From mid-April 2022,鯨魚 wallets holding between 100 million and 1 billion ADA have collectively increased their accumulation from 2 billion to 2.94 billion ADA.

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